The National Social Security Council (CNPS) approved, this Wednesday (24), a new reduction in the interest ceiling on loans granted to INSS beneficiaries. The limit for payroll deduction fell from 1.72% to 1.68% per month.
Other operations in the form of credit cards and payroll deductible benefit cards also underwent changes. The maximum rate fell from 2.55% to 2.49% per month, according to information from the Ministry of Social Security.
The changes should take effect from next week.
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This is the seventh rate drop since the beginning of the Lula government. The Council has adopted as a parameter the fall in the Selic rate, currently at 10.75% per year.
The Minister of Social Security, Carlos Lupi, defended the methodology adopted by the Council and said that lowering interest rates is important to reduce the debt of retirees and pensioners.
Currently, there are 63,746,598 active payroll contracts (considering all types).
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Banks do not agree with the changes, claiming that the rate does not cover the institutions’ funding costs. They argue that the parameter for calculating the ceiling should be future interest due in two years.
However, financial institutions are defeated in the CNPS board, where the government has a majority. In this Wednesday’s vote, there were 10 votes in favor, one against and two abstentions. The vote against was from the bank representative, while abstentions were from entities representing commerce and agriculture.
